After it was revealed that Shiba Inu (SHIB), a well-known memecoin, had been listed on the Robinhood platform, its value immediately increased by double digits.
The US-based financial services firm Robinhood has added a number of fresh cryptocurrencies to its roster. Shiba Inu (SHIB), Solana (SOL), Polygon (Matic), and Compound are some of the coins that are listed (COMP). A week after the business introduced its bitcoin wallet to over 2 million customers, these additional listings have been added.
Recently, Robinhood Markets Inc. announced the addition of four additional digital assets to its trading platform on its official blog. Shiba Inu, the well-known memecoin, Solana, Polygon’s MATIC, and Compound’s COMP are among these coins. Shiba Inu is also the sixth-largest cryptocurrency by market capitalization.
Not the first memecoin to be listed on Robinhood is SHIB. In fact, Dogecoin (DOGE), the earliest and most well-known memecoin, was listed on the Robinhood platform in 2018. Since memecoins have been so popular in recent months, Robinhood has revealed that commissions from Dogecoin trading make up more than 30% of the company’s overall cryptocurrency earnings.
This number increased throughout the course of the year, and in August 2021 Robinhood revealed that DOGE transactions had generated 62% of the company’s total cryptocurrency income in the first half of the year.
Although Robinhood is largely a traditional asset-focused institutional brokerage, it has recently been quite active in the digital asset market.
It just released its bitcoin wallet, giving access to the more than two million waiting consumers. Users can store coins that are not listed on Robinhood using this capability. Through Robinhood’s cryptocurrency wallet, users may now purchase and sell special tokens (NFTs).
Shiba Inu Token: What Is It?
Shiba Inu is an Ethereum ERC-20 token that enables the creation of the ShibaSwap DEX and the integration of other tokens and NFTs into the ecosystem of the platform. Shiba’s maximum supply was set at 1 quadrillion tokens, which is a lot more than other cryptocurrencies have available. Shiba’s price was significantly lower than most assets with comparable market capitalizations because of the large token size.
What is Driving Up the Price of Shiba Inus This Bull Season?
In addition to the retail run, two more important criteria, in the opinion of fans, influence Shiba Inu prices. SHIB is now running on Ethereum. Thankfully, the cryptocurrency intends to launch its layer-2 or blockchain solution. Shiba Inu will be able to achieve this by doing away with the steep fees that traders on the Ethereum network must pay. Investors, on the other hand, are absolutely furious about Shiba Inu’s entry into the Metaverse. The world of memecoin appears to be intrigued in the transfer, despite the fact that it is still only a rumor. The cryptocurrency recently said on social media that this year will see the release of “Shiberse.”
Shiba Inu value forecast: Should investors purchase, keep, or sell the coin?
What is the projected future? Will the price increase again? Will the Shiba Inu coin’s target price of US$0.001 be reached in the future? SHIB projections from algorithm-based forecasting firms were generally optimistic. Using historical data, the Shiba Inu price forecast from DigitalCoin projected that the goal price would be US$0.000033 in 2022 and US$0.000053 in 2025, with an average of US$0.000126 in 2030. It’s critical to remember that cryptocurrency markets are still quite volatile, making it challenging for analysis to anticipate with any degree of accuracy what a coin’s price will be in a few hours or days, and even more challenging to provide long-term projections. As a result, forecasts made by experts and algorithm-based forecasters on SHIB prices are subject to error. Before making any investment decisions, it is strongly advised that you always do research and take into account the most recent market trends, news, technical and fundamental analysis, and professional advice. And never risk more than you can afford to lose while investing.
